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Budgeting Software

Budgeting software automates the coordination of an organisation's financial resources and expenditures. Budgeting software solutions allow for timely and accurate data management and analysis in order to give an overall picture of a businesses growth and profitability, and help predict future revenues and potential expenses. Multiple users across various departments can contribute their projected expenses and revenues to the organisation's budgeting system, providing an automated budget approval process. Companies opt for budgeting and forecasting accounting software when they need a tool with many advanced functionalities. Budgeting software is related to Accounting software, Business Performance Management software and Financial Reporting software. The list below also includes free budget software solutions, as well as Statistical Analysis solutions for UK businesses.

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NetSuite Planning and Budgeting is used by companies worldwide to automate labour-intensive, cross-business planning needs. Learn more about NetSuite
NetSuite Planning and Budgeting automates labour-intensive planning and budgeting processes so finance teams can quickly and easily produce budgets and forecasts, model what-if scenarios and generate reports — all within one collaborative, scalable solution. With less time spent on manual consolidation, troubleshooting, reporting and data entry, the finance team can reallocate time to focus on strategic and analytical activities that have a greater impact on the company’s financial position. Learn more about NetSuite

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
United Kingdom Local product
Sage Intacct is a web-based, SaaS accounting and financial management software system designed for use by enterprise businesses. Learn more about Sage Intacct
Sage Intacct is a cloud-native growth accounting solution designed to effortlessly provide you with strategic insights enabling you to scale your business. Set your operations apart leveraging the power of Ai and seamless integrations allowing you to combine financial & operational data. With more time in hand, focus on accelerating growth and drive impactful decision making with key metrics. Accelerating Growth: increase revenue, win more customers, and lead a stronger growth strategy for your business.​ Competitive Advantage: Leverage our AI, automation, consolidation, integration, and real-time reporting to make faster decisions and outsmart the competition.​ Unlock Team Potential: Delight both your finance team as well as business users with deep, real-time insights and new tools that empower them to do their best work.​ Return on Investment: Pay for your software (and then some) with the savings, profits, and growth from switching to a Growth Accounting Solution. Learn more about Sage Intacct

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Power ON turns Power BI into a real-time data collection and decision-making machine for Planning and Data Collaboration processes. Learn more about Power ON
Power ON enables organizations to turn Power BI into a real-time, collaborative, data collection, and decision-making machine for innumerable Planning and Data Collaboration processes. Using Power BI as our cornerstone, Power ON’s software suite enables Planning, Forecasting, Modeling & Enhanced commentary functionality, all in Power BI. Data can be stored where our users want it; on-premises, in the Cloud, or hybrid; across SQL Server, Snowflake, Azure, Oracle, Hana; the choice is yours. Learn more about Power ON

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Reduce budgeting, forecasting & reporting times by 50% with Vena's Excel-based Complete Planning platform. Learn more about Vena
Vena is a Complete Planning platform for streamlining financial and operational planning, reporting and analysis processes. Top Solutions - Budgeting and Forecasting - Financial Reporting - Financial Close Management - Business Analysis and Insights - Cash Flow Planning Top Features and Benefits - Native Excel Interface - ERP, GL, HRIS & CRM Integration - Scenario Modelling - AI-Powered Assistant for FP&A - Microsoft PowerBI and PowerPoint Integrations Ready to see if Vena is a good match for your organization? Book your free personalized demo today. Learn more about Vena

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
OneStream unifies corporate performance management processes such as planning, financial close & consolidation, reporting and analytics Learn more about OneStream
OneStream provides a cloud-based intelligent finance platform that reduces the complexity of financial operations. OneStream unifies corporate performance management processes such as planning, financial close & consolidation, reporting and analytics through a single, extensible solution designed to empower the enterprise with insights to support faster and more informed decision-making. Learn more about OneStream

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Power your budgeting and forecasting with XLReporting. Whatever you need to run your business. Make time for decision making. Learn more about XLReporting
XLReporting helps you consolidate and manage your entire budget and forecasting process, making time for analysis and decision making. Manage your budget and forecast process across your organization with budget models that support your business. Manage workflows, long-term plans, and cash flow planning. Whatever you need to run your business. XLReporting saves hours per week and gives more value for money compared to other enterprise-grade solutions. Start today with a free trial or book a call Learn more about XLReporting

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Datarails is the Financial Planning and Analysis solution for Excel users. Learn more about Datarails
Datarails is a financial planning and analysis platform for Excel users. It automates data consolidation, reporting and planning, while enabling finance teams to continue using their own Excel spreadsheets and financial models. Automating these manual processes paves the way for finance teams to spend more time analyzing data and less time collecting it. It also empowers them to answer essential strategic questions like what their organization can do to increase revenue and reduce expenses. Learn more about Datarails

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Optimize your planning, budgeting, and forecasting effortlessly with the premier cloud-based planning application. Learn more about Planful
Easily budget, plan, and forecast with agility using Planful, the trailblazer in end-to-end financial close, consolidation, and financial planning & analysis (FP&A) cloud software. Trusted by over 1,000 customers, including industry leaders like Boston Red Sox, Del Monte, TGI Friday’s, and 23andMe, Planful accelerates cycle times, enhances productivity, and ensures accuracy throughout the entire FP&A process. Discover more at www.planful.com Learn more about Planful

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
QuickBooks Online is a small business accounting software and app that allows you to manage your business anywhere, anytime.
QuickBooks Online is a small business accounting software and app that allows you to manage your business anywhere, anytime. Used by over 7 million customers globally, QuickBooks provides smart tools for your business, yet is easy to use. You can organise your books, manage expenses, send invoices, track inventory, and even run payroll. With QuickBooks Online, you can get organised, save time, and even get paid fast by adding payment features. Best of all, you can try it for free for 30 days. Learn more about QuickBooks Online

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Xero is a beautiful online accounting software solution for small businesses, sole traders, and accountants in any industry.
Xero is an award-winning online accounting software designed for small business owners and accountants, available on any computer or mobile device with an internet connection. Get your business finances and cash flow updated in real time, import transactions from bank accounts, and integrate with 3rd-party business applications. Xero accounting software allows unlimited user logins and provides access to data through a single ledger, making it easier to collaborate. Learn more about Xero

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Procore is a cloud-based construction management platform with a comprehensive set of products spanning the construction lifecycle.
Procore is the leading cloud-based construction management platform with a comprehensive set of products spanning the construction lifecycle, from pre-construction to project completion. One of the core benefits of Procore’s platform approach is that products are deeply integrated, providing a streamlined user experience and centralised access to project information. Procore’s mobile application allows customers and collaborators to access project data from the office or site. Learn more about Procore

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
A single, cloud based solution for workforce planning, analysis and execution.
Workday HCM is a single, cloud-based solution for workforce planning, talent management, and payroll processes helping customers adapt and thrive in a changing world. Workday applications are built with artificial intelligence and machine learning at the core to help organizations around the world embrace the future of work. Workday is used by more than 10,000 organizations around the world and across industries—from medium-sized businesses to more than 50% of the Fortune 500. Learn more about Workday HCM

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
QuickBooks is an end-to-end accounting software that can grow with your business.
QuickBooks Online Advanced (Save 50%) is a cloud-based, all-in-one, accounting and business hub solution, designed for growing, small to mid-sized businesses. Get performance reporting with highly customizable tracking tools, automated workflows, and real-time revenue and cash flow management dashboards. Seamlessly integrate best-in-class Premium Apps like Salesforce and HubSpot (CRM), Bill.com (accounts payable), DocuSign, LeanLaw & more to expand your capabilities as your business needs grow. Learn more about QuickBooks Online Advanced

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
New realities call for new solutions. We are the #1 time and billing, and payments software for law firms. Try for FREE now.
At HALF THE COST of other solutions, TimeSolv provides the robust time and billing needs law firms demand, without the extra features you never use. Store payment information using TimeSolvPay and run hundreds of payments in seconds on YOUR timeline, achieving ZERO AR! For over 20 years, our web-based solution has helped lawyers increase their billable time and get paid faster, whether at home or in the office. Integrate with LawPay, QuickBooks, Office 365, and more. Try for FREE for 30 days! Learn more about TimeSolv Legal Billing

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Project-based solution for PS firms that combines project accounting, resource management, project mgmt, time/expense and client mgt.
Deltek Vision is a project-based solution for professional services firms that combines project accounting, resource management, project management, time/expense management, and client management in one product. Deltek Vision is a web-based solution available for cloud or on-premises deployment. Learn more about Deltek Vision

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Rental property and personal finances management solution with tenant information tracking, income management, and expense tracking.
Quicken is a property management solution that helps manage tax planning, tenants rent payments, and rental properties. With Quicken, you can get help quickly if you need it with free phone and chat support from our dedicated team. Sync with the Quicken web & mobile apps to manage your money on the go. Learn more about Quicken

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
United Kingdom Local product
Complete, out-of-the-box-desktop accounting software, with secure cloud and mobile access, for small & medium sized businesses.
Sage 50cloud Accounting (formerly Peachtree Software) is a comprehensive accounting solution for small business. Designed for security, compliance and cloud-connected productivity. Popular features include detailed profitability tracking, cash flow forecasting, customized reporting via Microsoft Excel, advanced inventory tracking and automated bank reconciliation. Learn more about Sage 50cloud Accounting

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
United Kingdom Local product
Sage Business Cloud Accounting is a simple yet powerful online accounting solution designed for small business owners.
Sage Business Cloud Accounting (formerly Sage One) is an online accounting software that gives you anytime, anywhere access to the most important small business essentials. It has features that help you manage your cashflow and send and track invoices all through the cloud or on the mobile app. See why successful business owners choose Sage | Accounting. Visit our website for a complete list of features. Compatible with Mac/PC, Apple/Android. For a limited time only, try free for 3 months. Learn more about Sage Accounting

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Discover SAP S/4HANA Cloud, a complete ERP system with embedded AI and machine learning.
SAP S/4HANA Cloud is a complete enterprise resource planning (ERP) system with built-in intelligent technologies, including AI, machine learning, and advanced analytics. It helps companies adopt new business models, manage business change at speed, orchestrate internal and external resources, and use the predictive power of AI. Benefit from tight, native integration between processes, industry depth, and a consistent in-memory data model. Learn more about SAP S/4HANA Cloud

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
United Kingdom Local product
Sage 100 is an ERP platform for growing and medium-sized sales and manufacturing companies.
Sage 100 is the right ERP solution for your industry. Sage 100 is an ERP platform for growing and medium-sized sales and manufacturing companies. It is the ERP solution for medium-sized companies that want to design their business processes individually. Sage 100 offers you integrated applications for every company area, which you can easily put together individually. Learn more about Sage 100

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Ensure total cash flow transparency by setting up budget limits, monitoring expenses in real time, and analyzing spending trends.
Precoro helps you gain full control of all corporate expenses in real time and improve cash flow transparency. Seamlessly plan, allocate, and track budgets for projects, departments, locations, and more. Set up spending limits and receive immediate notifications when a purchase exceeds the budget. Monitor available, reserved, and used funds easily and at a glance, so there are no surprises. Meanwhile, it comes with budget analytics and financial reports to improve forecasting. Learn more about Precoro

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Business budgeting software that provides a company with the financial and operational information it needs to make better decisions.
Workday Adaptive Planning is an enterprise planning software that helps finance create budgets and forecasts with more speed, flexibility, collaboration, and accuracy. With unlimited scenario analysis backed by machine learning, you can quickly answer complex questions and gain real-time insights. Learn more about Workday Adaptive Planning

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Reporting software | Forecast | Consolidate | Dashboards | Visualize | Data Analytics | Business Valuation | Excel | AI Insights
Syft Analytics is the award-winning interactive & collaborative financial reporting tool. From simple reports through to integrated forecasts, businesses and accountants use Syft to create, collaborate on, and explore beautiful financial reports. With Syft’s AI-powered insights across every graph and report, you can go from data to decisions in no time. 9 out of 10 users say Syft is easier to use than other reporting solutions. Join 100,000+ businesses that choose Syft with a 14-day free trial. Learn more about Syft Analytics

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
Yooz's integrated budget function provides financial decision-makers with a solution to automate and secure their financial processes
Yooz provides the smartest, most powerful and easiest-to-use cloud-based Purchase-to-Pay (P2P) automation solution. It delivers unmatched savings, speed and security with affordable zero-risk subscriptions to more than 5,000 customers and 300,000 users worldwide. Yooz’s unique solution leverages Artificial Intelligence and RPA technologies to deliver an amazing level of automation with extreme simplicity, traceability and end-to-end customizable features. It integrates seamlessly with more than 250 financial systems, exceeding any other solution on the market.Yooz is based in the US and Europe, with UK Office located in Woking – Surrey. Learn more about Yooz

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement
United Kingdom Local product
FreeAgent - Voted the UK’s #1 bookkeeping software and Client App of the Year 2021 at ICB Luca awards
FreeAgent is award-winning online accounting software that’s designed specifically for small businesses and freelancers. Over 100,000 business owners and their accountants and bookkeepers use FreeAgent to create invoices, monitor cashflow, file tax returns and much more. With no confusing accounting jargon and a friendly support team on hand to answer any questions, FreeAgent makes it easy to keep your business admin on track. Learn more about FreeAgent

Features

  • General Ledger
  • Strategic Planning
  • Chart of Accounts
  • Consolidation/Roll-Up
  • Multi-Department/Project
  • Multi-Company
  • Cash Management
  • Income & Balance Sheet
  • Profit/Loss Statement

Budgeting Software Buyers Guide

What is budgeting software?

Budgeting software is a tool that businesses use to allocate, track, and manage annual budgets. Its purpose is to make the budgeting process accurate and agile, as well as reduce the turnaround time.

The tool makes it easy to analyze financial data and forecast expenses. It eliminates manual errors associated with spreadsheet-based budgeting such as miscalculations and incorrect data entry. It offers features such as cash management, forecasting, and “what-if” scenarios.

What are the benefits of budgeting software?

Businesses can use budgeting software solutions to track and manage their finances based on their overall expenditure. Some of the benefits of budgeting software include:

  • Plan for future changes: The software uses “what-if” scenarios to plan for future changes. The scenarios may include budget shortfalls, revenue fluctuations, price changes, and numerous potentially positive and negative scenarios. Analyzing these scenarios helps business understand the financial impact of each event.
  • Enhance transparency: Budgeting software ensures complete transparency into financial transactions and data. This is done using features such as real-time reports, audit trails, and visually descriptive graphs and charts. Some solutions offer a unified view of multiple projects and the related expenses, documents, images, and videos.
  • Adapt quickly by being agile: The software helps businesses stay agile despite economic fluctuations or market unsurety. Organizations can accommodate these changes and keep their budget plans updated using features such as rolling forecasts, which reforecasts the budget every month or quarter. These constant updates ensure that the forecasts are accurate and relevant.
  • Improve collaboration: Often, different people handle different parts of the budget. In such cases, budgeting software allows employees to collaborate on the exercise. It simplifies the budget approval process and improves communication across teams.

What are the typical features of budgeting software?

Typical budgeting software features include:

  • Cash management: Collect and track your company’s cash flow.
  • What-if scenarios: Simulate potential financial outcomes and make requisite provisions for the future.
  • Forecasting: Use historical and current data to make predictions. Get a realistic idea of where the business is heading.
  • Multi-department/project collaboration: Manage your company’s financial needs and improve collaboration between multiple departments and projects on a single tool.
  • Profit and loss statements: Record your revenues, costs, and expenses over a certain period to gain a clear view of your company’s financial position.

What considerations should someone take into account when buying budgeting software?

When purchasing budgeting software, users should remember to:

  • Review the user licenses: Most vendors clearly mention their product’s monthly or annual costs based on the number of users. Some on-premise solutions are sold at a one-time fee for a user license, while cloud solutions charge a per user monthly fee. However, both options could have extra costs such as for integration, data storage, and backup. Therefore, review the services, total costs, and frequency of payments.
  • Check for ease of use: A user-friendly interface is vital to simplifying your operations. The software should have an interactive and intuitive dashboard. An easy-to-use dashboard saves time and effort required to plan the budget. This is possible with features such as simple but effective charts and graphs that highlight various stats.
  • Make forecasting a core feature: The forecasting feature helps in estimating expenses, sales, and other variables that impact the cash flow. It can reduce operational expenses and capital expenditure as well as help companies foresee issues based on data. This capability is rooted in complex algorithms that allow planning for long-term success.
  • Assess the integration capabilities: The right budgeting software can help businesses import data from their systems such as HR, accounting, ERP, or the general ledger. Consolidating all this data in a single database allows the budgeting software to collect the latest, updated information. This improves budgeting accuracy and allows for greater collaboration among different teams or stakeholders.

The relevant budgeting software trends include:

  • AI which can plan your budget: As many businesses believe that artificial intelligence (AI) has great potential in preparing annual budgets. AI can provide real-time insights, make accurate forecasts, and suggest informed financial decisions. It can also spot anomalies and risks with its adaptive learning capability. AI algorithms self learn and can make your budget planning more efficient over time.
  • Predictive analytics for accurate expense forecasts: Accurately forecasting your expenses can be tricky if you use spreadsheets. Predictive analytics can play a key role in estimating expenses for the coming year. The feature uses historical data to compare cash flows and expense ratios more accurately. Also, it identifies the key drivers for late-payments and predicts the probability of such instances.

Buyers looking for budgeting software in the UK should carefully assess their budgeting software needs and decide on the type of solution accordingly. Find the best budgeting software solutions with Capterra.